I'm a Libertarian living in Humboldt County, CA. I've lived here in Eureka since 1973 and joined the Libertarian Party in 1992. This blog will mostly focus on local political issues, but I may stray into state and national issues as well, when I can't help myself. Please post your comments by clicking on the "comments" link at the bottom of each post. Although I do moderate comments, you need not be a registered user to post them.

Wednesday, October 19, 2011

Not quite what I was hoping for but photojournalist Zombie did take a crack at the Occupy Wall Street movement. It looks like there wasn't a big turnout for OWS in San Francisco, at least compared to Fleet Week, so she focused instead on a comparison between the two events and asks which event really represents the 99%?

The essay spans three pages so don't neglect the link to the next page at the bottom of each entry.

…Something significant has happened that most don't know about, Fred. It barely made a ripple in the news-- but should put a shiver down every taxpayer’s spine in relation to Wall Street:

“Potential losses on Bank of America’s massive $75 trillion book of risky derivative contracts has just been dumped onto the FDIC by the Federal Reserve.”

Here’s the short story: Bank of America has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits-- leaving taxpayers on the hook should things go sour. The two regulators, the Federal Reserve and the Federal Deposit Insurance Corp., disagree over the transfers. The Federal Reserve said it favors moving the derivatives. The FDIC, which would have to pay off depositors in the event of a bank failure, is objecting. Bank of America is saying it doesn’t need regulatory approval. There are no losses yet, but analysts feel the company may be preparing for bankruptcy. Fred, Bank of America's stock has been tanking for awhile. It has $1.04 trillion in deposits.

Bloomberg has one of the first reports which is a bit confusing due to its detours and turns.